YPF takeover may cut Argentine gov't spending on LNG

BUENOS AIRES, April 26 (Reuters) - Argentina's takeover of
YPF will mean the end of the state energy company that
handles the fast-growing liquefied natural gas (LNG) imports, a
ruling party lawmaker said, a change that could save the
Treasury billions of dollars in subsidies.

Just before the Senate approved the government's plan for
taking control of YPF from current majority holder Repsol
late on Wednesday, clearing the way for the bill to be
passed by the lower house next week, Senator Anibal Fernandez
said the nationalized company will take charge of LNG imports.

Those purchases are now in the hands of state energy company
Enarsa, which gets its budget from the government and has $2.3
billion officially earmarked in 2012 for LNG purchases. Enarsa
also buys natural gas from neighboring Bolivia.

"Once this law comes into effect, YPF will surely absorb it
(Enarsa)," Fernandez said during Wednesday's night's Senate
debate. "There will not be any more Enarsa if we have a company
specifically positioned to be take care of this issue."

Fernandez did not say whether the State would fund the
purchase of LNG when YPF assumes the role of importer. But
analysts believe the surge in energy imports and the dollar
shortage in the country are a great temptation for the Treasury
to be released from that burden.

"This is where you will see whether YPF follows a strategy
combining a state vision but with a private management style, or
whether it starts doing this kind of business," said Buenos
Aires-based energy analyst Victor Bronstein.
Continuación...